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joined discussion · Jan 29 08:47

IPO News | "Private Healthcare Provider" TrueMed initiates its public offering, with plans to list on February 6. The subscription amount for one lot is HKD 3,363.58.

Futu Information reported on January 29 that $DISTINCT HEALTH (02677.HK)$ An announcement was made stating that the company would be conducting its IPO from January 29 to February 3. The company intends to globally offer approximately 4.75 million shares and is expected to list on February 6, 2026.
Futu Information reported on January 29 that $DISTINCT HEALTH (02677.HK)$ An announcement was made stating that the company would be conducting its IPO from January 29 to February 3. The company intends to globally offer approximately 4.75 million shares and is expected to list on February 6, 2026. Company Overview TrueMed is a private healthcare provider in China, strategically focused on serving the premium healthcare market. Its target demographic includes affluent individuals with strong purchasing power who prefer personalized care. Guided by a holistic medical approach, the company has adopted a family healthcare model that integrates physical and online medical services. Through close collaboration between specialists in pediatrics, dentistry, ophthalmology, dermatology, otolaryngology, surgery, gynecology, and internal medicine, the company is able to meet the diverse medical needs of patients and their families, thereby continuously enhancing patient satisfaction and creating opportunities for cross-department referrals. The company's leading market position is attributed to its patient-centered principle and its corporate culture of returning to the essence of healthcare. Guided by evidence-based medicine principles, the company strives to avoid unnecessary medical interventions while prioritizing patient welfare. As of the fiscal years ended December 31, 2022, 2023, and 2024, as well as the eight months ended August 31, 2025, the company's patient retention rates were 75.7%, 78.2%, 80.0%, and 82.7%, respectively...
Company Overview
TrueMed is a private healthcare provider in China, strategically focused on serving the premium healthcare market. Its target demographic includes affluent individuals with strong purchasing power who prefer personalized care. Guided by a holistic medical approach, the company has adopted a family healthcare model that integrates physical and online medical services. Through close collaboration between specialists in pediatrics, dentistry, ophthalmology, dermatology, otolaryngology, surgery, gynecology, and internal medicine, the company is able to meet the diverse medical needs of patients and their families, thereby continuously enhancing patient satisfaction and creating opportunities for cross-department referrals.
Source: Prospectus
Source: Prospectus
The company's leading market position is attributed to its patient-centered principle and its corporate culture of returning to the essence of healthcare. Guided by evidence-based medicine principles, the company strives to avoid unnecessary medical interventions while prioritizing patient welfare. As of the fiscal years ended December 31, 2022, 2023, and 2024, as well as the eight months ended August 31, 2025, the company's patient retention rates were 75.7%, 78.2%, 80.0%, and 82.7%, respectively.
TrueMed focuses on leveraging advanced artificial intelligence technology to drive innovation in healthcare delivery and operational efficiency. The company's patient-first philosophy is supported by a high-quality and dynamic medical team, as well as an integrated care model combining its nationwide online medical platform and offline facilities, giving the company an edge to seize emerging opportunities. Through strategic investments in digital infrastructure and key partners, TrueMed is committed to improving patient care and promoting sustainable growth, solidifying its competitive position in the ever-evolving healthcare industry.
Financial Overview
During the performance record period, TrueMed achieved strong revenue growth. The company’s revenue mainly comes from providing medical services, including its physical medical services, online medical services, membership programs, and out-of-hospital medical services. In 2022, 2023, and 2024, as well as for the eight months ended August 31, 2024, and August 31, 2025, the company’s revenues were RMB 473.2 million, RMB 690.4 million, RMB 958.6 million, RMB 614.8 million, and RMB 695.7 million, respectively.
In 2022, 2023, and 2024, as well as for the eight months ended August 31, 2024, and August 31, 2025, TrueMed’s gross profits were RMB 44.0 million, RMB 133.5 million, RMB 226.0 million, RMB 152.4 million, and RMB 167.3 million, respectively. For the same periods, the company’s gross profit margins were 9.3%, 19.3%, 23.6%, 24.8%, and 24.0%, respectively.
Source: Prospectus
Source: Prospectus
Industry Overview
Medical services refer to services provided by medical institutions, including examinations, treatments, rehabilitation, and services related to preventive healthcare, childbirth, and family planning, as well as medicines, medical consumables, ambulances, ward accommodations, and catering associated with these services. China’s economic development and the increase in purchasing power among Chinese residents have driven a surge in demand for personalized and efficient medical services, thereby promoting rapid growth in China’s private medical services market.
Futu Information reported on January 29 that $DISTINCT HEALTH (02677.HK)$ An announcement was made stating that the company would be conducting its IPO from January 29 to February 3. The company intends to globally offer approximately 4.75 million shares and is expected to list on February 6, 2026. Company Overview TrueMed is a private healthcare provider in China, strategically focused on serving the premium healthcare market. Its target demographic includes affluent individuals with strong purchasing power who prefer personalized care. Guided by a holistic medical approach, the company has adopted a family healthcare model that integrates physical and online medical services. Through close collaboration between specialists in pediatrics, dentistry, ophthalmology, dermatology, otolaryngology, surgery, gynecology, and internal medicine, the company is able to meet the diverse medical needs of patients and their families, thereby continuously enhancing patient satisfaction and creating opportunities for cross-department referrals. The company's leading market position is attributed to its patient-centered principle and its corporate culture of returning to the essence of healthcare. Guided by evidence-based medicine principles, the company strives to avoid unnecessary medical interventions while prioritizing patient welfare. As of the fiscal years ended December 31, 2022, 2023, and 2024, as well as the eight months ended August 31, 2025, the company's patient retention rates were 75.7%, 78.2%, 80.0%, and 82.7%, respectively...
With growing health awareness and evolving consumer preferences, an increasing number of patients are opting for private medical service providers to enhance their healthcare experiences. From 2020 to 2024, the number of paid patient visits at private medical institutions grew at a compound annual growth rate (CAGR) of 8.1%, rising from 1.157 billion visits to 1.5773 billion visits. This figure is expected to grow further at a CAGR of 4.7% from 2024 to 2029, reaching 1.9876 billion visits by 2029.
Cornerstone Investor
Cornerstone investors have agreed to subscribe for, or cause their designated entities to subscribe for, shares totaling approximately USD 11.64 million (or approximately HKD 90.79 million) based on the offer price, subject to certain conditions. Assuming an offer price of HKD 62.15 per H-share (the midpoint of the offer price range), the total number of shares to be subscribed by cornerstone investors will amount to 1.4461 million shares. Cornerstone investors include: Health Vision, KingMed Diagnostics, $MININGLAMP-W (02718.HK)$ , Galaxy Dynasty.
Health Vision is a Hong Kong-registered company primarily engaged in investment holding and exploring broader investment opportunities in healthcare-related industries, including those related to the application of AI technology in healthcare and medical categories. Health Vision is owned 35.23% by Weimob Global, 35.23% by Star Flash, and 29.55% by Kulo Technology. Kulo Technology is wholly owned by Guangzhou Kulo, $TENCENT (00700.HK)$ which ultimately holds approximately 51.4% of Guangzhou Kulo.
Galaxy Dynasty is a company registered under the laws of the British Virgin Islands, primarily engaged in investment activities. Galaxy Dynasty is owned by $XPENG-W (09868.HK)$wholly owned by Mr. He Xiaopeng, the co-founder, executive director, chairman, and chief executive officer.
Source: Prospectus
Source: Prospectus
Use of Proceeds
In terms of use of proceeds, Zozen Healthcare expects net proceeds from the global offering to be approximately HKD 219 million (assuming the over-allotment option is not exercised, based on the mid-price of HKD 62.15 per share). According to the prospectus, Zozen Healthcare intends to allocate the proceeds from the global offering for the following purposes:
Approximately 35% will be used to build a talent pool specialized in medical artificial intelligence applications, establish strategic cooperation with leading research institutions and companies, and procure external resources, while the internal information and data technology department enhances the company’s IT systems, deploying advanced AI technologies to revolutionize healthcare services and improve operational efficiency; around 30% will be used to upgrade existing medical service facilities and establish new ones to deepen penetration and reach a broader target patient base; about 25% will be allocated towards acquiring well-performing medical service providers in first-tier and emerging cities when appropriate opportunities arise; and roughly 10% will serve as working capital and for other general corporate purposes.
More reading:Zhuozheng Medical Prospectus
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Futu Information reported on January 29 that $DISTINCT HEALTH (02677.HK)$ An announcement was made stating that the company would be conducting its IPO from January 29 to February 3. The company intends to globally offer approximately 4.75 million shares and is expected to list on February 6, 2026. Company Overview TrueMed is a private healthcare provider in China, strategically focused on serving the premium healthcare market. Its target demographic includes affluent individuals with strong purchasing power who prefer personalized care. Guided by a holistic medical approach, the company has adopted a family healthcare model that integrates physical and online medical services. Through close collaboration between specialists in pediatrics, dentistry, ophthalmology, dermatology, otolaryngology, surgery, gynecology, and internal medicine, the company is able to meet the diverse medical needs of patients and their families, thereby continuously enhancing patient satisfaction and creating opportunities for cross-department referrals. The company's leading market position is attributed to its patient-centered principle and its corporate culture of returning to the essence of healthcare. Guided by evidence-based medicine principles, the company strives to avoid unnecessary medical interventions while prioritizing patient welfare. As of the fiscal years ended December 31, 2022, 2023, and 2024, as well as the eight months ended August 31, 2025, the company's patient retention rates were 75.7%, 78.2%, 80.0%, and 82.7%, respectively...
Editor/Joe
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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